Minnesota’s New Plan for Urban Renewal
Strict Guidelines Ensure Fairness in Building Revitalization Efforts
According to Finance and Commerce, Minnesota has a new tax break plan to help old and empty buildings become useful again after the pandemic. It’s called the Conversion of Underutilized Buildings Tax Credit (CUB) pushed by Sen. Matt Klein. The tax break plan idea is to reward building owners if they fix up their empty spaces. If a building has been mostly empty for five years or more it could get a big tax break of 30%. Smaller projects could even get money instead of a tax break. The rules are strict but fair: buildings must keep most of their insides and outside walls, and owners have three years to finish the job.
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Support Grows for CUB Tax Credit as Key to Post-Pandemic Urban Renewal
Many important people in Minnesota like Mayor Jacob Frey and business leaders support the CUB tax credit. They say a tax break plan is crucial to use the buildings we already have especially since building costs are going up. They believe this tax break plan will make downtown areas lively and bring more jobs. But some worry it might lower property taxes. Still, supporters say the benefits of fixing up old buildings outweigh any money concerns. They see it as a chance to make cities better after the pandemic.